The popularity of Bitcoin [BTC] and other cryptocurrencies has increased since its inception and was fuelled by several updates and developments, paving the way for more investors to enter the space. One of the latest surveys conducted by the United Kingdom’s Financial Conduct Authority dealt with investor sentiments and awareness related to cryptocurrencies within the country.
The survey stated that the total number of consumers who reported that they bought cryptocurrencies amounted to 51; out of which the financial body estimated that just three percent had ever bought cryptocurrency. Christopher Woolard, the FCA’s Executive Director of Strategy and Competition, said:
“The results suggest that although crypto assets may not be well understood by many consumers, the vast majority don’t buy or use them currently. Whilst the research suggests some harm to individual crypto asset users, it does not suggest a large impact on wider society.”
The survey also studied the buying behavior of users in Britain, which provided a buying pattern as well as a cryptocurrency split-up. Results showed that a majority of the users spent less than $250 on the purchase of digital assets, where 50 percent of the users spent their money on Bitcoin, 34 percent chose ETH and the remaining users bought BCH, LTC, and XRP.
Another pointer from the research was that unlike many investors in the US, the British did not risk their life savings on digital assets, but rather, invested using their disposable income. The FCA also tried to categorize owners based on ‘risky behavior’ by analyzing quotes from family, friends and other acquaintances.
The FCA was also in the news earlier when it gave a green signal to Bitcoin [BTC], Ethereum [ETH] and XRP liquidity provider B2C2. The founder and CEO of B2C2 stated:
“We are excited to have received authorization from the FCA to introduce a cryptocurrency CFD product. Eligible counterparties and professional clients can now gain derivative exposure to the cryptocurrency markets, benefiting from the competitive pricing and liquidity they’re accustomed to receiving from B2C2 while avoiding the risks associated with crypto custody.”
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